FY15 INTERIM FINANCIAL RESULTS€¦ · Infigen reported a Statutory Profit for the six month period ended 31 December 2014 of $1.6 million, an improvement of $16.9 million compared

25 February 2015

FY15 INTERIM FINANCIAL RESULTS

Infigen Energy (ASX: IFN) today released its interim financial results for the 2015 financial year.

Infigen reported a Statutory Profit for the six month period ended 31 December 2014 of $1.6 million, an improvement of $16.9 million compared with the Statutory Loss of $15.3 million for the prior corresponding period (pcp).

Financial performance over the period was consistent with the pcp, with the improvement in the result for the period primarily attributable to the non-recurrence of interest rate swap terminations in the pcp. Higher revenue from US solar PV activities, higher net income from US Institutional Equity Partnerships (IEPs), and a greater cash distribution from Infigen’s US Class A cash flow interests for a full six-month period were offset by lower revenue in Australia due to poor wind conditions.

SUMMARY OF PERFORMANCE (ECONOMIC INTEREST)

Key measures of business performance compared to the pcp are:

• Safety record of lost time injury frequency rate: Improved 48% to 1.2

• Production: Decreased 6% to 2,103 GWh

• Revenue: Decreased 6% to $139.6 million

• EBITDA: Decreased 14% to $67.7 million

• Net profit: Improved 110% to $1.6 million

• Operating Cash Flow: Increased 103% to $49.7 million

Infigen’s Managing Director, Miles George, said, “We are pleased to report a $1.6 million net profit for the period notwithstanding poor wind conditions and electricity prices in Australia.”

“During the period we repaid $33.9 million of borrowings across our Global Facility, Woodlawn facility and Union Bank facility, and used $12.9 million of cash to repay Class A members,” he said.

Group revenue of $139.6 million, down 6% or $9.7 million, reflected lower overall production and electricity prices, offset by a declining Australian dollar, higher compensated revenue, and higher Australian LGC and US REC revenues.

Operating earnings before interest, tax, depreciation and amortisation (Operating EBITDA) was $78.1 million, down 13% or $12.0 million. This was due to:

• In Australia - lower revenue partially offset by higher compensated and LGC revenues, and lower operating costs; and

• In the US - marginally higher revenue including US$4.0 million from solar PV activities, partially offset by lower merchant electricity prices and higher operating costs.

POWER PURCHASE AGREEMENTS

In the US, we secured power purchase agreements for the Rio Bravo I & II (20 MW each) and Wildwood II (15 MW) solar PV projects during the period.

FY15 OUTLOOK

In the US, we expect both full year production and average portfolio price to be in line with FY14, while in Australia, we expect both full year production and average portfolio price to be approximately 10% lower than in FY14.

Full year operating costs in the US are forecast to be at the upper end of the guidance range of between US$76-78 million, and Australian operating costs are forecast to be near or below the lower end of the full year guidance range of $35-37 million.

Subject to these operating conditions prevailing, Infigen remains on track to achieve its previous guidance of approximately $90 million of cash flow available to repay Global Facility borrowings and pay distributions to Class A members.

Infigen’s Managing Director, Miles George, said, “Looking to the second half of the year we continue to seek resolution of the regulatory uncertainty that has frozen investment opportunities in the Australian large-scale renewable energy sector. The ongoing uncertainty continues to adversely affect Infigen’s financial performance, and is eroding investor confidence in Australia as a safe place to invest in major infrastructure projects.”

ENDS For further information please contact: Richard Farrell Group Manager, Investor Relations & Strategy Tel +61 2 8031 9900

About Infigen Energy Infigen Energy is a specialist renewable energy business. We have interests in 24 wind farms across Australia and the United States. With a total installed capacity in excess of 1,600MW (on an equity interest basis), we currently generate enough renewable energy per year to power over half a million households. As a fully integrated renewable energy business in Australia, we develop, build, own and operate energy generation assets and directly manage the sale of the electricity that we produce to a range of customers in the wholesale market. Infigen Energy trades on the Australian Securities Exchange under the code IFN. For further information please visit our website: www.infigenenergy.com

Infigen Energy Interim Results Six months ended 31 December 2014 25 February 2015

• Performance Overview • Financial Result • Operational Review • Regulatory & Market Update • Outlook • Questions

Presenters: Miles George Managing Director & Chief Executive Officer Chris Baveystock Chief Financial Officer

For further information please contact: Richard Farrell Group Manager, Investor Relations & Strategy +61 2 8031 9901 [email protected]

Performance Overview (Economic Interest)

3 F = favourable; A = adverse; pcp = prior corresponding period

Six months ended 31 December 2014 2013

Change % F/(A) Comments

Safety (LTIFR) 1.2 2.3 48 • Lost time injury frequency rate improved

Production (GWh) 2,103 2,242 (6) • Better wind conditions and site availability than in

pcp in the US offset by poor wind conditions in Australia

Revenue ($M) 139.6 149.3 (6)

• Lower overall production • Lower electricity prices • Higher compensated revenue and other revenue • Favourable FX movement

Operating costs ($M) 61.5 59.2 (4) • Lower production-linked variable turbine O&M costs offset by adverse FX translation

Corporate, development and other costs ($M) 10.4 11.1 6

• Progressed US solar projects • Lower corporate costs

EBITDA ($M) 67.7 79.0 (14)

Net profit/(loss) ($M) 1.6 (15.3) 110 • Higher net income from US IEPs • Significant item (interest rate swap termination

costs) in pcp

Operating cash flow ($M) 49.7 24.5 103 • Non-recurrent significant item in the pcp • Working capital improvement

Net profit improvement not withstanding poor wind conditions in Australia


Summary Statutory P&L and Financial Metrics

Six months ended 31 December ($ million) 2014 2013

Change % F/(A)

Revenue 125.5 137.9 (9)

EBITDA 71.8 80.9 (11)

Depreciation and amortisation (61.8) (61.4) (1)

EBIT 9.9 19.5 (49)

Net borrowing costs (37.0) (38.1) 3

FX and derivative revaluations 3.6 (0.7) 614

Interest income on financial asset 4.8 - n.m.

Net income from US Institutional Equity Partnerships (IEPs) 20.8 17.1 22

Significant item - interest rate swap termination costs - (16.8) n.m.

Profit/(Loss) before tax 2.0 (19.0) 111

Income tax benefit/(expense) (0.5) 3.7 (114)

Net profit/(loss) 1.6 (15.3) 110

5 n.m. = not meaningful

Reconciliation of Statutory to Economic Interest

Six months ended 31 December 2014 ($ million)

Statutory

Add: Allocate share of profit of

associates

Less: US minority interest

Economic interest

Revenue 125.5 21.5 (7.4) 139.6 Operating EBITDA 72.8 9.6 (4.2) 78.1 Corporate, development and other costs (10.4) - - (10.4) Share of net profits of associates 9.4 (9.4) - - EBITDA 71.8 0.2 (4.2) 67.7 Depreciation and amortisation (61.8) (13.7) 4.6 (70.9) EBIT 9.9 (13.5) 0.4 (3.2) Net borrowing costs (37.0) (0.1) 0.1 (37.0) FX and derivative revaluations 3.6 - - 3.6 Interest income on financial asset 4.8 - - 4.8 Net income from US IEPs 20.8 13.6 (0.5) 33.9 Significant item - interest rate swap termination costs - - - - Profit/(Loss) before tax 2.0 - - 2.0 Income tax benefit/(expense) (0.5) - - (0.5) Net profit/(loss) 1.6 - - 1.6

6 The slides that follow are presented on an economic interest basis

Summary Economic Interest Financial Metrics


Change % F/(A)

Revenue 139.6 149.3 (6) Operating EBITDA 78.1 90.1 (13) Corporate, development and other costs (10.4) (11.1) 6 EBITDA 67.7 79.0 (14) Depreciation and amortisation (70.9) (70.6) - EBIT (3.2) 8.5 (137) Net borrowing costs (37.0) (38.0) 3 FX and derivative revaluations 3.6 (0.7) 614 Interest income on financial asset 4.8 - n.m.

Net income from US IEPs 33.9 28.0 21


Profit/(Loss) before tax 2.0 (19.0) 110 Income tax benefit/(expense) (0.5) 3.7 (114)

Net profit/(loss) 1.6 (15.3) 110

As at 31 Dec 2014 31 Dec 2013 Change %

F/(A)

Book value / security (cps) 66 65 2

Book gearing 66.8% 67.7% (0.9) ppts

7 # cps = cents per security; ppts = percentage point change; n.m. = not meaningful

Revenue Poor production and prices in Australia offset by US solar PV activity and FX

8

Australia 84.9

(15.5) (7.3) 4.1 5.7 3.5

Australia 65.6

USA 64.3 USA

74.0

H1 FY14 Production Electricity price LGC and RECprice

Compensatedrevenue & other

FX H1 FY15

Revenue (A$M)

149.3 139.6

USA +1.3m (0.8m) +0.7m +5.0m Australia (16.8m) (6.5m) +3.4m +0.7m

revenue & other revenue

Operating EBITDA Lower revenue in Australia was partially offset by lower operating costs and higher US revenue

9

Australia 65.8

(13.0)

(1.8) 1.0 1.9

Australia 49.7

USA 24.3

USA 28.4

H1 FY14 OperatingEBITDA

Revenue Operating costs O&M incentivepayments

FX H1 FY15 OperatingEBITDA

Operating EBITDA (A$M)

78.1

78.1

78.1

90.1

78.1

USA 6.2m (4.0m) Australia (19.3m) +2.2m +1.0m

(10.4) 10.8 (35.0)

6.2

49.7 Australia 49.7

USA 28.4


Corporate &development costs &

other

Working capital & noncash items

Financing costs Distribution receivedfrom financial assets

(US Class A)

H1 FY15 Net operatingcash flow

Operating cash flow (A$M)

Interest payable (34.1m)

Bank fees & charges (1.3m) Interest income 0.4m

Corporate (7.0m) Development (2.8m) Other costs (0.6m)

LGC inventory 3.8m Provisions 1.5m Other payable 4.2m Share based payment 0.7m Non-cash & others 0.6m

Corporate, development &

other costs

Operating Cash Flow

10


Change % F/(A)

Operating EBITDA 78.1 90.1 (13)

Corporate, development and other costs (10.4) (11.1) 6

Movement in working capital and non-cash items 10.8 (6.2) 274

Financing costs and taxes paid (35.0) (35.5) 1

Distributions from financial assets (US Class A interests) 6.2 4.0 55

Operating cash flow before significant item 49.7 41.3 20


Operating cash flow 49.7 24.5 103

Operating cash flow per security (cps#) 6.5 3.2 102

Working capital improvement and non-recurrent significant item resulted in higher OCF

# cps = cents per security

Cash Flow – Cash Movement Lower cash balance largely attributable to higher debt repayment

11

Comments • 31 December 2014 closing cash balance included $52.3 million of Excluded Company cash • Capex included security deposits to secure solar PV power purchase agreements and connection agreements in the US

82.9

49.7

2.8 (33.9)

(12.9) (11.7)

76.9

30 Jun 2014 Operating cash flow FX and others Debt repayment Distributions to ClassA members

Capex 31 Dec 2014

(A$M) Sources

Uses

Global Facility (27.1m) Woodlawn facility (3.6m) Union Bank facility (3.2m)

Distributions to Class A members

Impact of FX

12

Profit and Loss (A$M)

Balance Sheet (A$M)

FX movements had a net positive effect on income

Comments

• Profit and Loss: FX had a positive effect on revenue and IEP income partially offset by an adverse effect on operating expenses, depreciation and interest expense

• Balance Sheet: lower AUD:USD at 31 December 2014 compared with 30 June 2014 adversely affected borrowings and IEP liabilities in AUD terms offset by favourable translation of property, plant and equipment

Average rate for the six months ended: AUD:USD 31 Dec 2014 = 0.8886, 31 Dec 2013 = 0.9214 AUD:EUR 31 Dec 2014 = 0.6913, 31 Dec 2013 = 0.6858

Closing rate: AUD:USD 31 Dec 2014 = 0.8202, 30 Jun 2014 = 0.9420 AUD:EUR 31 Dec 2014 = 0.6746, 30 Jun 2014 = 0.6906

188.6

5.9 0.4 (57.5)

(134.0) 2.7

FX on PPE FX on cash FX others FX onborrowings

FX on IEP NetunrealisedFX costs

(1.5)

(1.6) (0.5)

3.5

2.7 2.5

FX onoperatingexpense

FX ondepreciation

FX oninterest

FX onrevenue

FX on IEP &other

financingcosts

Net FX profitbefore tax

FX on IEP & other

financing costs

Balance Sheet

Debt ratios calculated on an IFN economic interest basis

Debt service and leverage metrics in the above table include the Global Facility, the Woodlawn facility and the Union Bank facility and differ from the Global Facility covenant metrics

26.7%

Debt ratios 31 Dec 2014 30 Jun 2014

Net Debt / EBITDA 6.5x 5.8x

EBITDA / Interest 2.0x 2.4x

Net Debt / (Net Debt + Net Assets) 66.8% 66.9%

13

A$M as at 31 Dec 2014 30 Jun 2014 Cash 76.9 82.9 Receivables, inventory and prepayments 69.5 64.5 PPE, goodwill and intangibles 2,567.4 2,421.3 Investments in financial assets 97.5 86.4 Deferred tax and other assets 50.1 50.4 Total assets 2,861.4 2,705.5 Payables and provisions 67.2 60.4 Borrowings 1,104.0 1,076.5 Tax equity (US) 558.0 515.9 Deferred revenue (US) 478.1 428.3 Derivative liabilities 144.6 132.3 Total liabilities 2,351.9 2,213.4

Net assets 509.5 492.1

Increase in net assets was largely due to FX movements

Comments • $33.9 million of borrowings was repaid but borrowings outstanding increased $27.5 million due to adverse FX translation


Operational Performance: US

Six months ended 31 Dec 2014 2013 F/(A)%

Operating capacity (MW) 1,089 1,089 -

Production (GWh) 1,367 1,336 2

Revenue (US$M) 65.0 59.4 9

Operating costs (US$M) 40.5 36.9 (10)

Operating EBITDA (US$M) 24.5 22.4 9

Operating EBITDA Margin 37.7% 37.7% -

Average price (US$/MWh) 43.2 43.0 -

Operating costs (US$/MWh) 29.6 27.6 (7)

15

Solar PV activity, better wind conditions and higher availability was offset by higher costs

Comments

• Production increase reflected better wind conditions in the South and Mid-West and higher availability at sites with Gamesa turbines, offset by lower wind conditions in other regions and lower availability

• Revenue increase reflected higher production and higher IAM, REC and compensated revenue offset by lower merchant electricity prices

• Operating EBITDA margin remained steady with income related to solar PV activity offsetting higher operating costs

• Work continued on the solar PV development pipeline including securing PPAs for the Rio Bravo I & II (20 MW each) and Wildwood II (15 MW) projects

22.4

1.2 (0.7) 0.7 4.5 (3.6)

24.4


Production Electricity price REC revenue IAM, compensated &other revenue

Operating costs H1 FY15 OperatingEBITDA

Operating EBITDA (US$M)

16

Operating costs increased due to higher employee related and maintenance cycle costs


Asset management 8.2 6.6 (24)

Turbine O&M 18.9 17.7 (7)

Balance of plant 4.6 4.0 (15)

Other direct costs 8.9 8.5 (5)

Total operating costs (US$M) 40.5 36.9 (10)

16

Operating Costs: US

Turbine warranty and maintenance profile

Comments

• Asset management cost increase reflected higher employee related costs and higher IAM contractor costs. The pcp included a reimbursement of reactive power fees

• Higher turbine O&M costs due to 3-year oil changes, equipment repairs and inspections at Cedar Creek and Sweetwater

• Balance of plant cost increase associated with unscheduled transformer maintenance and repairs at Allegheny, GSG, Mendota and Sweetwater 4

• Other direct costs increase due to higher property taxes at Sweetwater and higher connection costs at Kumeyaay

• Expect to be at the upper end of full year guidance for operating costs of between US$76-78 million

0%

20%

40%

60%

80%

100%

FY15 FY16 FY17 FY18 FY19 FY20Opportunity to contract services3rd party services - Infigen parts exposureIAM services - Infigen parts exposure3rd party services - Vendor parts exposure

Operational Performance: Australia Six months ended 31 Dec 2014 2013 F/(A)%

Operating capacity (MW) 557 557 -

Production (GWh) 736 906 (19)

Revenue (A$M) 65.6 84.9 (23)

Operating costs (A$M) 15.9 19.1 17

Operating EBITDA (A$M) 49.7 65.8 (24)

Operating EBITDA margin 75.8% 77.5% (1.7) ppts

Average price (A$/MWh) 89.1 93.7 (5)

Operating costs (A$/MWh) 21.6 21.1 (2)

17

Lower generation partially offset by lower operating costs

Comments • Production decrease reflected less favourable

wind conditions across the portfolio

• Revenue decrease reflected lower production and lower merchant electricity prices offset by higher LGC revenue

• Operating costs decrease reflected lower costs associated with lower variable O&M costs

• Lower operating EBITDA reflected lower revenue partially offset by lower costs

65.8

(16.8) (3.2) 0.7 2.2 1.0

49.7


Production Price Compensated & otherrevenue

Operating costs O&M incentivepayment


Australia Operating EBITDA

ppts = percentage point change

O&M incentive payments

18

Operating Costs: Australia Lower production resulted in lower operating costs


Asset management 3.4 3.2 (6)

Turbine O&M 7.9 10.2 23

Balance of plant - 0.5 100

Other direct costs 3.7 3.7 -

Wind/Solar farm costs 14.9 17.6 15

Energy Markets 1.0 1.6 38

Total operating costs 15.9 19.1 17

18

Comments • Lower turbine O&M costs reflected lower

production-linked incentive payments and lower variable maintenance costs

• Balance of plant costs decrease primarily due to lower unscheduled maintenance at Lake Bonney

• Energy Markets expenses were $0.6 million lower

• Expect to be near or below the lower end of the full year guidance range for operating costs of between $35-37 million

0%

20%

40%

60%

80%

100%

FY15 FY16 FY17 FY18 FY19Opportunity to contract services

3rd party services - vendor parts exposure

Under original warranty

Turbine warranty and maintenance profile


US Market Update Supportive regulatory regimes expected to deliver sustained merchant price improvements

20

Source: Infigen; Infigen based on external consultant price projections

Market Drivers and Outlook

• Infigen’s US portfolio is highly contracted with a weighted average remaining PPA duration of 10 years

• A steady increase in electricity and REC prices is forecast as state-based renewable energy targets increase, and US electricity generation carbon emissions standards are tightened

• Electricity price step-up reflects the expectation of tightening gas supply

• Infigen’s merchant generation to benefit from higher prices

• Attractive solar PV development opportunities supported by state renewable energy targets and federal investment tax credits

0%

20%

40%

60%

80%

100%

35

45

55

65

75

85

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Con

trac

ted

prod

uctio

n (%

)

Bun

dled

pric

e U

S$/M

Wh

Infigen’s contracted position, contracted price and merchant price projection

Contracted production Average contract price Average merchant price projection - Fall 2014

Average prices in real (2014) dollars

42.7 48.2 51.7

45.2 46.8 47.8

0.0

20.0

40.0

60.0

80.0

100.0

2015 2016 2017

Bun

dled

Pric

e $/

MW

h

SA Base Electricity Futures LGC Forward Price

Australian Electricity and LGC Market Prices

21

Recent increases in forward bundled prices reflect improved market sentiment for RET outcome

Source: ASX Energy, Mercari, 23 February 2015

Comments • Electricity futures prices have improved since June 2014, however electricity demand forecasts remain highly

uncertain • SA electricity futures reflect the expectation of higher gas prices from 2016 • LGC forward prices, if sustained and reflected in contract prices, could support the best renewable projects • Further improvements in prices needed to support all projects that are required to achieve the LRET

SA forward electricity and LGC prices NSW forward electricity and LGC prices

35.9 38.6 40.4

45.2 46.8 47.8

0.0

20.0

40.0

60.0

80.0

100.0

2015 2016 2017

Bun

dled

Pric

e $/

MW

h

NSW Base Electricity Futures LGC Forward Price

-20,000

-10,000

0

10,000

20,000

30,000

40,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

GW

h

Existing supply Committed supply Annual deficits prior to new buildLegislated targets Cumulative surplus ALP/Coalition target spread

Australian LRET Supply/Demand Improved prospects for a bipartisan RET resolution

22

Comments

• It has been reported that the Government and the Opposition are negotiating a revised large-scale renewable energy target of between 31-38 TWh by 2020 with downward revisions only to the 2019 target and beyond

• Annual deficits are projected to increase significantly while market participants await much needed investment certainty that can only be delivered through bipartisan support of the RET

• The industry has identified sufficient new large-scale renewable energy projects that can be constructed to meet the 2020 target without reaching the shortfall penalty

Surplus resulting from generous State residential solar incentives

Source: Green Energy Markets, December 2014


FY15 Outlook

24

Production

• US: expected to be slightly higher than in FY14

• Australia: expected to be ~10% lower than in FY14

Prices

• US: average portfolio price expected to be in line with FY14

• Australia: average portfolio price expected to be ~10% lower than in FY14

Operating costs

• US: expected to be at the upper end of the full year guidance of between US$76-78 million

• Australia: expected to be near or below the lower end of the full year guidance range of between $35-37 million

Cash flow

• Expected to achieve full year guidance of generating $90 million cash to reduce Class A liabilities and repay Global Facility borrowings, subject to meeting current production, price and operating cost expectations

Australian outlook highly uncertain until RET future is resolved


Questions

Appendix

Balance Sheet by Country

28

A$M 31 Dec 2014

IFN Statutory Interest

Add: US Equity

Accounted Investments

Less US Minority Interest

31 Dec IFN Economic

Interest Australia United States

Cash 71.5 6.0 (0.6) 76.9 62.1 14.8 Receivables 39.3 4.5 (0.3) 43.5 48.4 (4.9) Inventory 12.3 1.3 (0.2) 13.4 9.0 4.4 Prepayments 11.3 1.4 (0.1) 12.6 5.3 7.3 PPE 1,993.0 486.3 (167.8) 2,311.5 852.6 1,458.9 Goodwill & intangibles 275.9 (4.0) (16.0) 255.9 114.5 141.4 Investments in associates 112.9 (112.9) - - - - Investment in financial assets 97.5 - - 97.5 - 97.5 Deferred tax assets & other assets 53.2 (1.9) (1.2) 50.1 54.0 (3.8) Total assets 2,666.9 380.7 (186.2) 2,861.4 1,145.9 1,715.6 Payables 35.5 5.6 (2.7) 38.4 11.5 26.9 Provisions 22.3 8.7 (2.2) 28.8 9.5 19.3 Borrowings 1,102.4 1.7 - 1,104.0 684.9 419.2 Tax equity (US) 480.3 204.4 (126.8) 558.0 - 558.0 Deferred revenue (US) 372.3 160.3 (54.4) 478.1 - 478.1 Derivative liabilities 144.6 - - 144.6 101.0 43.6 Total liabilities 2,157.4 380.7 (186.2) 2,351.9 806.8 1,545.1 Net assets 509.5 - - 509.5 339.0 170.5

Institutional Equity Partnerships

29

Six months ended 31 December (A$ million) 2014 2013 Change

F/(A)% Value of production tax credits (Class A) 28.6 27.8 3

Value of tax gains/(losses) (Class A) (7.1) (7.3) 3

Deferred revenue recognised during the period 9.7 9.3 4

Income from IEPs 31.1 29.8 4 Allocation of return (Class A) (11.8) (13.5) 13

Movement in residual interest (Class A) 3.1 2.5 24

Non-controlling interest (Class B) (1.8) (1.7) (6)

Financing costs related to IEPs (10.4) (12.7) 18 Net income from IEPs (statutory) 20.8 17.1 22 US equity accounted investments 13.6 10.7 27

Non-controlling interests (Class B & Class A) (0.5) 0.2 350

Net income from IEPs (economic interest) 33.9 28.0 21

Disclaimer

This publication is issued by Infigen Energy Limited (“IEL”), Infigen Energy (Bermuda) Limited (“IEBL”) and Infigen Energy Trust (“IET”), with Infigen Energy RE Limited (“IERL”) as responsible entity of IET (collectively “Infigen”). Infigen and its related entities, directors, officers and employees (collectively “Infigen Entities”) do not accept, and expressly disclaim, any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this publication or its contents. This publication is not intended to constitute legal, tax or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. The recipient should consult with its own legal, tax or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information. The information in this presentation has not been independently verified by the Infigen Entities. The Infigen Entities disclaim any responsibility for any errors or omissions in such information, including the financial calculations, projections and forecasts. No representation or warranty is made by or on behalf of the Infigen Entities that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved. None of the Infigen Entities guarantee the performance of Infigen, the repayment of capital or a particular rate of return on Infigen Stapled Securities. IEL and IEBL are not licensed to provide financial product advice. This publication is for general information only and does not constitute financial product advice, including personal financial product advice, or an offer, invitation or recommendation in respect of securities, by IEL, IEBL or any other Infigen Entities. Please note that, in providing this presentation, the Infigen Entities have not considered the objectives, financial position or needs of the recipient. The recipient should obtain and rely on its own professional advice from its tax, legal, accounting and other professional advisers in respect of the recipient’s objectives, financial position or needs. This presentation does not carry any right of publication. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of the Infigen Entities. IMPORTANT NOTICE Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy Infigen securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the US Securities Act of 1933) unless they are registered under the Securities Act or exempt from registration.

Documents

FY15 INTERIM FINANCIAL RESULTS€¦ · Infigen reported a Statutory Profit for the six month period ended 31 December 2014 of $1.6 million, an improvement of $16.9 million compared